The 16-acre waterfront site that was once home to The Miami Herald is being purchased by a local condo developer for more than five times what it was last sold for.
According to a press release, SmartCity Miami -- an investment group led by Terra -- is preparing to buy "the largest piece of undeveloped waterfront" for $1.2 billion, in what The Real Deal reports could be the most expensive urban land sale in Florida. It was last sold in 2011 to Malaysian casino operator Genting for $236 million.
Genting's attempt to build a major casino hotel on the property were foiled when lobbyists failed to convince legislators to change Florida's gambling laws. The site has remained undeveloped ever since and is occasionally used for special events like Art Miami and the Miami International Boat Show.
Five bidders offered Genting more than $1 billion as of a month ago. The deal with Terra is expected to close later this year.
The 1431 North Bayshore Drive property just north of the MacArthur Causeway is across the street from the Adrienne Arsht Center for the Performing Arts, which is already suffering under the massive construction of a signature suspension bridge that is snarling traffic in the area.
Terra CEO David Martin said he plans to "do something spectacular, something that all Miamians can take pride in."